What Is a US Multifamily Loan (5+ Units) 2026 What Is a US Multifamily Loan (5+ Units) 2026

By Scott Dillingham · Principal Advisor  |  Reviewed by Multi-Family USA Editorial Team  |  Last updated 2026-09-01  |  Published 2026-05-24  |  18 min read

Not Canadian CMHC/MLI Select. Not 1–4 unit residential DSCR. This guide covers US commercial multifamily debt for 5+ unit apartments.

• Commercial debt sized from NOI — not W-2 or residential DTI
• Entity borrower + guarantor diligence + SPE and carve-outs
• Agency for stabilized cash flow; bridge for transitional value-add
• Proceeds bind to the tightest of DSCR, debt yield, or LTV
• Pair this guide with the free calculator suite before you quote

If you own or are buying five or more apartment units in the United States, you are in commercial multifamily — not residential lending. Debt is sized from property operations, lenders underwrite sponsorship and business-plan risk, and product choice follows asset stage: stabilized assets usually fit agency or other permanent debt, transitional assets usually start with bridge or debt-fund floating-rate debt and refinance once stabilized. This flagship guide unifies those pieces into one 2026 reference, with internal links to every calculator and companion guide you will need before you request term sheets.

For context on the exact boundary where practice flips, start with Five-Plus Unit Commercial Financing Basics and Apartment Building Loan Guide (5+ Units). For quote context, pair with Multifamily Lending Rates.

1. The 5-unit boundary: why commercial math starts at five

In US practice, one-to-four-unit properties usually follow residential mortgage guidelines — conventional, FHA/VA residential, and residential DSCR rental programs where available — with qualification anchored to personal income, credit, and residential appraisals. At five units the system changes: the property is treated as income-producing commercial real estate, and lenders size proceeds from normalized NOI, commercial DSCR, debt yield, and LTV, often with entity borrowers and guaranties. That boundary is industry convention rather than a federal statute — confirm exact treatment with counsel and the lender on mixed-use or small-multifamily edge cases — but it drives product shelves, documentation, appraisals, and exit structures across the market.

This is why a multifamily investor who owned four-plexes on residential debt can feel like a first-time borrower again when acquiring a 12-unit or 28-unit deal. The nouns are similar, but the math and diligence are different:

Mixed-use properties with a multifamily component may still require commercial treatment depending on unit count and income mix — flag these early in counsel review so the loan type and report scope are set correctly. For a deeper pass on the boundary, see the 5+ unit basics guide.

2. US vs Canada vs 1–4 unit DSCR: keep the right playbook

Investors who follow both US and Canadian multifamily boards often conflate programs that never cross the border. This site publishes US underwriting math only. Canadian CMHC multifamily and MLI Select economics live on our sister site lendcity.ca and use different insurance, incentives, and amortization logic. References to CMHC anywhere on multifamily-usa.com are informational cross-links, not operating advice for a US 5+ unit deal.

The same separation applies to US 1–4 unit DSCR rental loans: they are residential mortgage products with different guidelines, pricing, prepay, and documentation than a 5+ unit apartment building loan. For those, use DSCR Authority — guides and calculators there are built for small rentals. When you cross into five or more units, stay inside the frameworks on this page together with Commercial DSCR Explained, Debt Yield & LTV Framework, and Multifamily Underwriting Basics.

3. Borrower, entity, and guarantors: who the lender actually underwrites

Commercial lenders underwrite two things together: the asset and the sponsor group. Expect to be asked for a borrowing entity — typically a single-purpose LLC or SPE — with an organizational chart from guarantors to the borrower, certificates of formation and good standing, operating agreements, and manager authority documents. Lender credit also evaluates every guarantor's personal financial statement (usually dated within 90 days), schedule of real estate owned with maturities and equity, liquidity verification, and a resume or track-record summary showing multifamily operating experience. See Entity Structure for Multifamily Borrowing for a fuller structure.

First-time commercial sponsors can win strong execution — but lenders will anchor on four diligence pillars:

• Liquidity and net worth: Post-close liquidity targets and net-worth tests relative to loan amount vary by product — clear evidence shortens diligence.
• Track record and management: Verified multifamily experience, third-party management depth, or a credible operating partner reduces perceived execution risk.
• Business-plan coherence: In-place and stabilized NOI views with explicit lease-up, concession, and capex assumptions that match local comps.
• Recourse posture: Whether the structure is nonrecourse with standard carve-outs, full recourse, or limited recourse, plus SPE covenants where required.

Sponsors who arrive with a lender-ready data room — consistent file names, a one-page cover memo with sources and uses, requested proceeds, and the three sizing metrics below — usually receive sharper term-sheet feedback in the first cycle. Use the lender document checklist and due diligence checklist to avoid the most common delay: rent rolls that do not reconcile to T12s, or entity authority Gaps discovered mid-credit.

4. Loan types for 5+ units: agency, FHA/HUD 223(f), CMBS, bank, and bridge

Product choice is less about the lender brand and more about where your asset sits on the stabilization curve. A useful shorthand: stabilized cash flow pushes toward agency or other permanent debt; transition pushes toward bridge/debt-fund with a defined takeout.

Agency stabilized: Fannie Mae DUS and Freddie Mac Optigo

Fannie Mae multifamily (via Delegated Underwriting and Servicing) and Freddie Mac Optigo dominate US stabilized 5+ unit financing for good reason: competitive spreads on qualifying assets, longer fixed-rate availability, predictable covenants, and nonrecourse execution with carve-outs on many profiles. Pricing is grid-driven — spreads move with loan size, market tier, asset quality, DSCR, debt yield, occupancy, and corporate structure — rather than a single posted rate. Directionally in recent August–September 2026 quote cycles, core stabilized agency spreads on qualifying conventional fixed executions have often landed around benchmark plus roughly 110–170 bps before fees, but every deal reprices daily; see Rates and Agency Stabilized for framing. Where the math matters most is sizing: many agency executions underwrite to DSCR floors near 1.25x on agency-adjusted NOI and debt-yield floors in the 8–10 percent band depending on channel and market. Agr what your third-party reports will confirm — appraisal, PCA, and Phase I — and schedule them on day one; agency timelines run 60–90+ days and compress only when packages arrive complete. Compare programs side by side with Agency vs Bridge and Agency vs CMBS.

FHA / HUD 223(f) (and when to consider 221(d)(4))

FHA/HUD multifamily — most commonly 223(f) for eligible acquisitions and refinances of existing apartments — brings nonrecourse, fully amortizing, very long term and amortization depth in exchange for longer processing, annual mortgage insurance premium, and rigorous underwriting on occupancy and cash flow history. Construction and substantial rehab typically fall under 221(d)(4) or other HUD new-construction channels with Davis-Bacon and program-specific triage; sponsors should assume longer timelines than agency and price that time into carry. FHA execution rewards durable occupancy and clean operating history — assets that already look agency-quality often make the best HUD candidates after seasoning. Pair this section with the FHA HUD guide before anchoring on any one GSE path when your asset is program-eligible; also read the FHA/HUD financing guide for triage.

CMBS stabilized

Commercial mortgage-backed securities debt (CMBS stabilized) competes with agency on many stabilized profiles — especially larger, single-asset or portfolio loans where CMBS covenant and prepay economics beat agency grid pricing. CMBS underwriting leans heavily on debt yield, appraisal quality, and property condition. The trade is flexibility: defeasance and yield maintenance prepay can be expensive to exit early, and modification options are narrower than on balance-sheet or some agency executions. Compare total hold-period cost including hedge or cap dynamics where floating components exist, and read CMBS vs Agency before assuming one permanent channel is always cheaper than the other.

Bank and credit-union balance sheet

Banks and credit unions offer relationship-priced, recourse or limited-recourse balance-sheet debt for stabilized and light-transitional apartments, often competing with agency on select sponsorships and smaller loan sizes. Bank execution tends to be credit-driven — depository relationship, covenant packages, and recourse negotiations matter as much as pure spread. Expect shorter committed terms, more negotiated covenants, and greater sensitivity to sponsor banking footprint. Where management depth and local footprint are strengths, bank debt can price attractively on the right term and amortization pair.

Bridge and debt-fund floating-rate

Bridge value-add and debt-fund floating-rate channels fund transitional assets: lease-up, heavy value-add, broken management, or repositioning where pro forma yield is strong but in-place coverage is thin. Typical bridge math prices at SOFR plus roughly 275–500 bps before cap cost in recent directional cycles, with index movement and cap premium adding to all-in carry; close timelines may run 30–45 days when reports are clean. The critical diligence point is not just in-place DSCR but the takeout DSCR and debt yield at stabilization — bridge lenders expect a credible path to agency or other permanent debt that actually pencils after capex and lease-up, including extension fees and refinance costs.

For operators comparing stabilized versus in-transition math, read Stabilized vs Transitional Assets and Capital Stack Design for Value-Add. Frameworks at Acquisition vs Refinance and Fixed vs Floating help you anchor term debates in exit math rather than headline rate.

5. The underwriting stack: NOI → DSCR → debt yield → LTV → cap rate → cash-on-cash

Lenders rarely size from a single ratio. Proceeds bind to the tightest of multiple tests after NOI normalization and stress assumptions. Understanding the order of operations is how sponsors avoid surprise cuts at term sheet or credit approval.

Start with NOI normalization

Net operating income is revenue minus operating expenses, but lender NOI is not your broker's T12 total. Expectations and lender haircuts apply to vacancy and collection loss, management fees (often a market floor even on self-managed deals), real management expense versus pro forma, repair and turnover reserves, capex or replacement reserves per unit, tax and insurance true-ups, and nonrecurring income that should not qualify. See Multifamily NOI Normalization and Multifamily Underwriting Basics for normalization checklists. Two views are standard: in-place NOI (what the property produces now) and stabilized NOI (what durable occupancy and market rent imply after the business plan). Build both — bridge lenders live on the spread between them.

Test your views with the Cap Rate & NOI Calculator before you argue leverage.

Commercial DSCR (NOI ÷ debt service)

Commercial DSCR measures cash flow coverage of debt service: DSCR = NOI ÷ Annual Debt Service. In mid-2026 stabilized agency sizing, floors near 1.20x–1.30x on underwritten (lender-adjusted) NOI are common, while some bank and CMBS profiles price and size around 1.25x–1.35x and tighter debt-yield tests. The monthly rent ÷ PITIA screen on the Commercial DSCR Calculator is a useful directional screen, but commercial sizing runs on NOI ÷ debt service after expense and reserve stress; pair the screen with your NOI normalization. For a foundations pass, read Commercial DSCR Explained.

Debt yield (NOI ÷ loan amount)

Debt yield abstracts rate out of the equation — it is NOI ÷ Loan Amount — and is often the binding constraint when cap rates compress or rates move. Stabilized agency work often floors near roughly 8–10 percent depending on channel and market, and CMBS or debt-fund execution may require higher exits on perceived risk. A $680,000 lender NOI supporting a $8,500,000 loan implies an 8.0 percent debt yield; the same loan on a $600,000 haircut NOI is 7.1 percent and may bind tighter than DSCR alone. Test the limit with the Debt Yield Calculator and the shared framework at Debt Yield & LTV.

LTV (loan ÷ value)

Loan-to-value still matters, but commercial multifamily sizing rarely lets LTV run independent of debt-service coverage. Seniors may size to 65–75 percent LTV on qualifying stabilized assets before DSCR and debt yield apply their tighter tests; appraisal and PCA condition can compress proceeds even when leverage looks permitted. When you hear "leverage is 75 percent but debt yield trumps," this is the binding-constraint logic — the loan is what all three tests jointly permit. Use age, condition, and replacement reserve quality as levers sponsors underprice compared to rate-shopping alone.

Cap rate and cash-on-cash as framing tools

Cap rate (NOI ÷ Value) frames pricing, not proceeds directly; cash-on-cash ( After-debt cash flow ÷ Invested equity ) frames levered return on your equity after debt service and reserves. Both matter for offer discipline and program choice, but lenders anchor first on DSCR, debt yield, and LTV. Use the Cap Rate & NOI Calculator and Cash-on-Cash Calculator alongside your underwriting memo so price, leverage, and return debates share the same NOI definitions.

Sponsors who learn to speak in NOI, DSCR, debt yield, and LTV — not just price per unit — receive more precise pricing indications. Tie these into reporting cadence; see Operator Reporting for Lenders and Rate Risk & Refinance Planning for post-close discipline that preserves extension and refinance optionality.

6. Worked sizing example: 32-unit stabilized acquisition

Context: 32-unit garden-style asset, broker claims a 5.8 percent cap and $740,000 NOI. Your lender applies vacancy and reserve stress and underwrites $680,000 lender NOI, with appraised value at $12.0M implying a market cap near 5.7 percent on lender NOI. Debt ask is at 5.95 percent on a 30-year amortization with partial IO.

• Lender NOI: $680,000 (after normalized vacancy, management floor, and reserves).
• Appraised value: $12.0M → lender-implied cap ~5.67 percent.
• Annual debt service at requested $8.50M: roughly $605,000 (illustrative for this rate-and-amortization pair; re-run at quote day — rate changes move DSCR materially).
• DSCR: $680,000 ÷ $605,000 = 1.12x → below a typical 1.25x floor for agency stabilized; tight on this sizing.
• Debt yield at $8.50M: $680,000 ÷ $8,500,000 = 8.0 percent → near floor but DSCR binds tighter.
• LTV at $8.50M: $8,500,000 ÷ $12,000,000 = 70.8 percent → within many LTV heads before the tighter coverage tests apply.

Outcome logic: The same loan clears LTV but misses DSCR on lender-adjusted NOI. Options include lower leverage, a modest rate buy or deeper IO for near-term coverage (with lender-tested amortizing DSCR behind it), or documented NOI resilience that survives lender haircuts — not just broker pro forma. Re-run live with Loan Sizing for the binding-constraint check, then with Debt Yield and Commercial DSCR screens before you market a price that depends on the higher NOI. This is precisely the scenario modeled step by step in Commercial DSCR Explained and Debt Yield & LTV Framework.

7. Transaction types: acquisition, rate-and-term refinance, cash-out, supplemental, and construction takeout

Purchases

Stabilized acquisitions usually route to agency or other permanent debt when occupancy, T12s, and comps already support DSCR and debt yield — the diligence ask is confirming durable cash flow, not creating it. Transitional acquisitions (heavy capex, challenged management, broken occupancy) typically fund via bridge with a post-close business plan, milestone draw schedule, and a defined exit to agency or CMBS after stabilization. Compare both via Agency vs Bridge and Acquisition vs Refinance.

Rate-and-term refinance

Existing owners who do not need additional proceeds but want tenor, amortization, or covenant improvement size to similar DSCR and debt-yield tests with tighter focus on seasoning — the period of stable operations since last close, turnover, or refinance. Seasoning evidence and reserve reconciliation matter as much as T12s. Use Multifamily Cash-Out Refinance as a companion framework even when proceeds are unchanged — many lenders recycle the same discipline on every refinance.

Cash-out and supplemental (second lien)

Cash-out refinances extract equity when underwritten cash flow supports higher proceeds after the binding-constraint check and LTV. Agency supplemental or second-lien options may sit behind a first mortgage when the existing first already pencils — pricing and subordination logic differ from a full refinance and deserve side-by-side all-in modeling. Bridge cash-outs on value-add stories must solve for both cash-out leverage and refinance-exit leverage; a story that needs maximum in-place proceeds and maximum stabilized proceeds simultaneously rarely survives credit. See Cash-Out Refinance and the Capital Stack Design guide.

Construction takeout

Ground-up and major rehab multifamily financed with construction debt converts to permanent debt at certificate of occupancy and stabilization — a handoff that should be underwritten on day one, not at completion. See Multifamily Construction Financing and Stabilized vs Transitional before you commit to a construction lender who has not stress-tested takeout coverage under rate and lease-up variance.

8. Term sheet anatomy: rate, amortization, IO, prepay, reserves, and covenants

Headline rate is often the least decisive line on a term sheet. Hold-period return and flexibility trace to five structural choices that vary sharply across agency, CMBS, bank, and bridge:

• Index and spread: Fixed coupon or floating at SOFR plus spread, with thresholds for index floors where applicable. Convert to all-in carry including cap or hedge cost.
• Amortization and IO: Common multifamily amortization runs 25–35 years after any IO period; bridge structures may be interest-only for the full term with extension economics.
• Prepayment and exit: Yield maintenance and defeasance on agency/CMBS can be expensive to exit before threshold events; bridge and bank debt often use step-down or minimum-interest provisions. Map the same exit date across competing sheets.
• Reserves and holdbacks: Tax, insurance, capex, and replacement reserves plus TI/turnover holds where warranted — these affect both closing cash and ongoing distributions.
• Covenants and SPE provisions: DSCR covenants, SPE or separateness covenants, single-purpose entity requirements, and reporting cadence. First-time SPE borrowers should review counsel notes on entity structure before signing off on covenants.

Always run the same hold period and exit timing through each sheet before declaring one cheaper than another. For portfolio-level thinking on when longer holds justify defeasance complexity, read Rate Risk & Refinance Planning. For rate-direction framing (not promises), pair term-sheet analysis with Multifamily Lending Rates — directional context.

9. Diligence and closing timeline: 45–90+ days and how to avoid resets

Commercial closings run longer than residential because third-party reports and credit depth drive the schedule. A clean agency or CMBS path often lands between 60 and 90 days; bridge channels may compress to 30–45 days when the asset, entity, and reports are clean. The fastest sponsors are not those who negotiate hardest on rate — they are those who remove report and document latency earliest.

1. Engage reports on day one: PCA, Phase I environmental, appraisal, and seismic or zoning as triggered — late report orders are the most common closing-date reset.
2. Lock the T12 and rent roll: Provide a reconciled trailing 12 and matching rent roll in a single data room before credit starts; inconsistent periods are the most avoidable underwriting friction.
3. Clear title and survey early: On purchases, title commitment, exception review, and survey items run in parallel with underwriting — not after.
4. Queue entity authority: Organizational charts, incumbency, and manager resolutions ready before doc drafting — not when the closer asks.
5. Calendar credit and committee: Confirm the agency or credit committee cadence with the originator so extension decisions do not land on the wrong side of a maturity.

Use Due Diligence Checklist and Close Checklist to run diligence as a project — not a serial task list. For the sponsor-side view of post-close discipline that preserves extension and refinance optionality, see Operator Reporting for Lenders.

10. How to choose: a decision tree for 5+ unit sponsors

Anchor every comparison in proceeds and exit — not press releases about rate. A practical sequence:

Is cash flow durable today? If occupancy, T12s, and rent comps already support DSCR and debt yield on lender-adjusted NOI, start with agency or other permanent debt — agency spreads and covenants reward clean operations. See Stabilized vs Transitional Assets.

Is cash flow durable after a defined business plan? If in-place coverage is thin but a seasoned takeout pencils after capex and lease-up, bridge or debt-fund debt with extension options and a defined agency takeout is the honest path — but only if the takeout debt yield and DSCR both pencil on lender math at completion.

Is the asset construction or major adaptive reuse? Underwrite construction debt to the same takeout coverage tests before you break ground — see Multifamily Construction Financing.

How long is the hold? Hold period decides how much prepay and defeasance risk is acceptable. Use Fixed vs Floating and Recourse vs Nonrecourse to map flexibility against pricing without guessing at rate direction.

When every product seems cheaper than the last quote, you are probably comparing different hold periods and exit dates without realizing it. Keep the hold and exit date fixed, run Loan Sizing with downside stress, and read Agency vs Bridge Execution for a full product comparison voice.

11. Tools to run before you quote: link every calculator to the right step

Multi-Family USA is an underwriting resource — not a bait-and-switch rate board. Every flagship section below pairs with a free calculator so you arrive at lender conversations speaking the same math lenders do. No login or email wall.

• Cap Rate & NOI Calculator — build stabilized NOI and cap-rate framing from in-place and rent-roll assumptions.
• Commercial DSCR Calculator — screen rent ÷ PITIA quickly, then map to lender NOI ÷ debt-service logic; see Commercial DSCR Explained.
• Debt Yield Calculator — isolate leverage risk independent of rate; use the Debt Yield & LTV Framework companion.
• Loan Sizing Calculator — find the binding constraint across DSCR, debt yield, and LTV in one view.
• Cash-on-Cash Calculator — translate after-debt cash flow into levered return on equity for hold-period framing.

Hub: All multifamily calculators. Guides: Learning center. Market lenses: States and Cities. Comparisons: Capital comparisons. Loan types: Agency · Bridge · FHA/HUD · CMBS · Bank.

12. How to finance a US 5+ unit multifamily property — 7 steps (HowTo)

This is the closing checklist lenders want you to follow. The structured data below powers the HowTo rich result; the prose is the operational companion.

1. Build lender-grade NOI — in-place and stabilized. Normalize vacancy, concessions, management floor, and reserves into defensible views; document every adjustment with comps or trailing support. Test with Cap Rate & NOI and the NOI normalization guide.
2. Size debt across the binding constraint. Run DSCR, debt yield, and LTV together — proceeds are the tightest of the three, not the most optimistic. Use Loan Sizing with a downside haircut case alongside base case.
3. Assemble borrower, entity, and guarantor package. Queue the lender document checklist — entity docs, org chart, PFS, SREO, liquidity, and track record — before you market the deal.
4. Match product to business-plan stage. Map stabilized assets to agency or permanent debt and transitional assets to bridge/debt-fund with a takeout thesis lenders can validate. Confirm with Agency vs Bridge and Stabilized vs Transitional.
5. Request and compare term sheets on all-in cost. Compare coupon plus fees, reserves, hedge/cap cost, and prepay or defeasance measured across the same hold and exit — not teaser rate. Cross-reference rates context for directional framing.
6. Move through third-party diligence and credit. Order PCA, Phase I, and appraisal on day one and align credit committee cadence with your maturity or closing window; use due diligence and close checklists.
7. Close and set up lender reporting. Fund with a clear reporting, reserve, and covenant calendar so extension and refinance optionality are preserved — see Operator Reporting for Lenders.

Ready for deal-specific feedback? Book a free LendCity strategy call or submit through the free deal review for lender-fit review without a rate-sheet promise.

13. State and market spin-off logic: how this flagship powers your location pages

This flagship is the canonical anchor for every state and city financing lens on the site. State and city pages should not clone these paragraphs — they should inherit the framework and layer market-specific underwriting context: rent and vacancy benchmarks tied to local comps, market-tier grid notes for agency spreads, construction-capex cost framing, and property-type notes that affect appraisal and PCA expectations. In implementation terms, generate state spin-offs by templating this page's sections with local data substitution and per-state FAQ overrides rather than duplicating the full text.

Pattern for programmatic spin-offs:

• Hub: /states/ and /cities/ remain CollectionPage indexes with their own CollectionPage + FAQPage schemas.
• State leaf: /states/{slug}/ renders this flagship's H2 structure, swaps in state comps and tier context, and appends a two-question state-specific FAQ (e.g., "How does [State] local transfer and title context affect closing costs?" and "Are rents in [City] underwriting differently than statewide averages?"). Use the basics guide taxonomy as the shared keyword scaffold.
• City leaf: /cities/{slug}/ narrows further to neighborhood comp sources and lender tier notes — keeping the same HowTo sequence but tightening the "common mistakes" to that city's appraisal submarket patterns.

Every leaf links back to this flagship's canonical /learn/what-is-us-multifamily-5plus/ and to the relevant calculator. That preserves canonical strength here while giving paid and organic campaigns a location-relevant landing surface without thin-content duplication.

14. Common mistakes sponsors make on 5+ unit deals

• Anchoring on broker NOI without lender haircuts. Broker pro forma often omits management floors and reserve load that agency and CMBS apply mechanically — underwrite your downside case before you anchor price.
• Chasing coupon while ignoring exit economics. Two sheets with similar coupons can diverge by six figures in hold-period cost once yield maintenance, defeasance, or cap replacement is included.
• Treating bridge as permanent. Bridge without a takeout DSCR and debt yield that pencil at completion is a maturity problem, not a financing strategy — model the refinance on completed, leased operations, not broker lease-up.
• Late report engagement. Sponsors who schedule PCA, Phase I, and appraisal after credit begins usually reset closing dates once — schedule reports on day one instead.
• Mismatched rent roll and T12 periods. A T12 through April paired with a June rent roll forces lender re-underwrite — send matched periods in a single data room.
• Borrowing product for the wrong asset stage. Stabilized assets that qualify for agency but are forced into bridge for speed often pay for that speed in both spread and refinance execution later.

Avoid these, and you remove the most common friction inside 117 prior-failure patterns without reading another rate email. For more financing psychology and discipline, see Rate Risk & Refinance Planning and Operator Reporting for Lenders.

Frequently asked questions

Continue learning: Apartment Building Loan Guide (5+ Units) · Commercial DSCR Explained · Multifamily Underwriting Basics · NOI Normalization · Debt Yield & LTV Framework · 5+ Unit Basics.

Compare execution: Agency vs Bridge · Fixed vs Floating · Recourse vs Nonrecourse · Bank vs Debt Fund.

Size next: Cap Rate & NOI · Commercial DSCR · Debt Yield · Loan Sizing · Cash-on-Cash — hub at Tools. Explore markets via States and Cities.

For Canadian multifamily, visit lendcity.ca. For 1–4 unit US rental DSCR, visit DSCR Authority.